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Landsbanki Guernsey depositors challenge island's chief minister

Landsbanki Guernsey depositors fighting for the return of their entire savings are now facing another battle - against the island's chief minister, who is accused of misleading the Guernsey States Assembly over the proportion of their funds depositors are likely to see returned.

Depositors are considering making a formal complaint to the States Members Conduct Panel against Chief Minister Lyndon Trott, who twice stated they could recoup in excess of 100 per cent of their savings - a remark referred to by administrators Deloitte as "speculation."

Deloitte have long estimated that the best depositors should hope for is a recovery of 81-90p in the pound over the next few years. A higher return is, in theory, possible if legal action in Iceland proves successful although Deloitte "remain cautious about the prospects of success." 09-Dec-10.